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Gold’s Record Highs Put Bitcoin in the Spotlight for Q4 Rally
As gold edges closer to a record high of $3,475 per ounce, crypto traders are growing increasingly interested in the possibility of a similar breakout from Bitcoin. According to Markus Thielen, head of 10x Research, the connection between these two assets is undeniable. While both gold and Bitcoin have been seen as safe-haven investments during times of uncertainty, it appears that their trajectories may be mirroring one another.
The recent chart comparison shared by Thielen shows a striking correlation between the two assets. In light of this information, many are left wondering if we are about to see a similar breakout from Bitcoin. As gold reaches new heights, it’s clear that investors have taken notice and are shifting their attention towards Bitcoin once again.
Gold’s Breakout: A Warning Sign for Bitcoin?
It’s not just Thielen who is sounding the alarm on this potential connection. Options markets seem to be flashing unusual signals as well. The widening gap between Ethereum’s volatility pricing and Bitcoin’s is a clear indication that traders believe Bitcoin will experience more stability compared to its competitor.
With macroeconomic conditions tightening, many are expecting Q4 to mark the beginning of Bitcoin’s next strong rally. This heightened level of uncertainty has led investors to seek refuge in assets like gold and Bitcoin, driving their prices upward.
The crypto space is abuzz with speculation surrounding a potential Bitcoin surge. Many analysts are drawing parallels between the two assets’ movements, suggesting that the correlation may not be just a coincidence.
Source: coinpedia.org
